The Naira showed a marginal appreciation in the parallel market on Friday, trading at N1,660 per United States dollar, a slight improvement from Thursday’s rate of N1,665 per dollar.
Similarly, the local currency strengthened in the official foreign exchange market, where it traded at N1,531 per dollar, according to data released by the Central Bank of Nigeria (CBN).
This marked a significant N17 appreciation from the previous day’s rate of N1,548 per dollar.
Despite these gains, the disparity between the parallel market rate and the Nigerian Foreign Exchange Market (NFEM) rate widened further. The gap increased to N129 per dollar on Friday, compared to N117 per dollar recorded on Thursday.
The Naira’s modest recovery reflects ongoing dynamics in Nigeria’s foreign exchange markets, with the CBN continuing to monitor and manage the exchange rate to stabilize the economy.
Experts remain cautious about the widening gap between the parallel and official market rates, highlighting the need for structural reforms to close the disparity and strengthen the local currency.
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